And while Dank very neatly pointed out the testing against a certain point (which is useful as well, don't get me wrong!) I get the idea you're looking for a collision between two objects - which is both in as2 and as3 something like this: mc1.hitTest(mc2); (as2) mc1.hitTestObject(mc2); (as3)
well that's all fine and dandy code dank and pixelsmash but that will only check collisions of the bounding boxes... so if you have 2 circles (or anything else non-rectangular for that matter) colliding it will detect collisions where there very clearly is none. There's a nice workaround posted here: http://troygilbert.com/2007/06/pixel-perfect-collision-detection-in-actionscript3/
one is to edit mc1 so it has 2 frames in it each with different image. then add stop(); to the first frame in mc1. then when i collides with mc2 add this code.